Tim Xenos, former CEO of FAL Healthy Beverages Pty Ltd, has been sentenced to 18 months imprisonment after misusing company funds.
The Downing Centre Local Court found that Xenos, also known as Efthymios Xenos, used more than $100,000 of company funds to pay for personal legal and bankruptcy expenses while acting as CEO of the company behind coconut water brand Coco Joy.
Magistrate Horan found that Xenos had managed a company while disqualified, used his position dishonestly to gain a financial advantage of approximately $111,392, and failed to disclose income and bank accounts to his bankruptcy trustee.
In sentencing, Magistrate Horan said Xenos “demonstrated a lack of contrition and insight into his offending” and that “no other sentence but imprisonment was appropriate.”
As part of the Intensive Corrections Order (ICO), Xenos will serve his sentence in the community and must also complete 200 hours of community service. He is automatically disqualified from managing companies for five years, until 27 February 2030.
The prosecution was brought by the Commonwealth Director of Public Prosecutions following a referral from ASIC.
Xenos was found guilty on 27 February 2025. He has since lodged an appeal against both the conviction and the sentence, filed on 9 May 2025.
He had previously pleaded not guilty to the charges, and the matter was heard across multiple sittings between November 2023 and October 2024.
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